Nuvama Wealth Management Limited Announces Q1 FY25 Results.Delivered Robust Year-over-Year Growth of 133% in Operating PAT. Announces Dividend, Total Payout Of ~ ₹289 Cr.

Nuvama Group: Consolidated Performance

1. Revenues: Q1 FY25 stood at ₹668 Cr, grew by 60% YoY
2. Operating Profit After Tax (PAT): Q1 FY25 stood at ₹221 Cr, grew by 133% YoY
3. Wealth and Asset Management businesses continues to witness secular growth, Q1 FY25 revenues grew by 18% YoY. Capital Markets business revenue grew by 153% YoY driven by heightened market activity and increase in our market share.
4. Board declared dividend of ₹81.50 per share.

Particulars – US $ million	Q1 FY24	Q1 FY25	YoY %	FY23	FY24	YoY %
Revenues	417	668	60%	1,575	2,063	31%
Costs	292	374	28%	1,086	1,279	18%
Operating Profit Before Tax (PBT)	124	293	136%	489	784	60%
Operating Profit After Tax (PAT)	95	221	136%	386	597	62%

Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said

“Macroeconomic fundamentals for India remain robust. These favourable conditions, probusiness policies, strong markets and rising income levels are driving wealth creation in the hands of households. Changing customer investment preferences to capital markets products over traditional investment avenues augurs well for wealth management and asset management sectors. As these preferences change, product suite expands and regulations evolve the sector will consolidate and see unorganized movement to organized, as seen in matured markets.

We are pleased to report, with our integrated business model we were able to leverage these trends and deliver good results. We reported revenues of ₹668 Cr, an increase of 60% YoY and operating PAT of ₹221 Cr, an increase of 133% YoY. We are also making our first capital distribution as a listed company by way of dividend of ₹81.50 per share.

Our execution of strategic priorities remains on track. We continue to grow our sales capacity, client relationships, client assets and our market share. In Wealth Management our investments continue; we added 60+ RMs, launched an industry leading technology tool for portfolio-solutions and garnered healthy new flows for annuity products. We also received final approval from DIFC authorities in July’24 for our offshore private wealth proposition in Dubai. In Asset Management our AUM grew by 30% YoY and our fresh sales were ~ ₹600 Cr in Q1. This run rate is expected to grow as we have launched multiple new schemes in the last 3-6 months across all our three strategies. In public markets we have built good track record, and these are now gathering good interest from external distributors too. Momentum continued in capital markets. Growth in market volumes, rise in our market share, closure of multiple marquee deals in IB and new flows in asset services drove the top line. With operating leverage playing out the profitability rose further.

Looking ahead we remain optimistic on secular trends in wealth management industry and confident on our execution to create long term value for our stakeholders.”

Key Highlights

1. Wealth Management
   1. Revenues: ₹320 Cr in Q1 FY25, grew by 18% YoY.
   2. PBT: ₹104 Cr in Q1 FY25, grew by 11% YoY.
   3. Client Assets: ₹2,74,124 Cr as at end of Q1 FY25, grew by 35% YoY.
   4. Nuvama Wealth:
      1. Sustained growth, revenue grew by 23% YoY.
      2. MPIS assets: Stood at ₹24,960 Cr, grew by 33% YoY, NNM contributed 75%.
      3. Added 67 RMs in Q1 FY25 and 350+ in last 12 months, deepening our presence.
   5. Nuvama Private:
      1. Revenues grew by 11% YoY, normalized for AIF regulation change at ~33% YoY.
      2. ARR assets: Stood at ₹38,667 Cr, grew by 48% YoY, NNM contributed 89%.
      3. Increased RMs by ~15% YoY, improved penetration in existing cities and added 4 new cities beyond tier 1 in last 12 months.
      4. Received final approval from DIFC in Jul’24 for offshore set-up in Dubai.
2. Asset Management
   1. Revenues (ex-carry): ₹15 Cr in Q1 FY25, grew by 23% YoY.
   2. AUM: ₹7,692 Cr as at end of Q1 FY25, grew by 30% YoY, led by public markets.
   3. Product suite expanded across all strategies in last 3-6 months: Commercial Real Estate – Prime Fund, Public Markets – Absolute Return Fund and Private Markets – Crossover 4 series.
3. Capital Markets
   1. Revenues: ₹331 Cr in Q1 FY25, grew by 153% YoY.
   2. PBT: ₹192 Cr in Q1 FY25, grew by 494% YoY.
   3. Client Assets (Asset Services): ₹1,07,225 Cr as at end of Q1 FY25, grew by 115% YoY.
   4. Rise in market volumes, increase in our market share, IB deal closures and new flows in asset services led the growth.

About Nuvama Group

Nuvama has built a strong foundation of trust and reputation in the Indian market over 25 years. As one of India’s leading integrated wealth management firm in India, Nuvama oversees ₹3,89,041 Cr of client assets and caters to a diverse set of clients which includes ~12 lac affluent and HNIs and ~3,900 of India’s most prosperous families, as of Q1 FY25. Nuvama offers wealth management solutions, covering investment advisory, estate planning, investment management, lending and broking services for individuals, institutions, CXOs, professional investors, and family offices. It also offers a wide bouquet
of alternative asset management products and is a leading player in capital markets.
For more details, please visit: https://www.nuvama.com

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